Regulatory Alerts2016-12-02
Foreign Exchange Guidelines
Issued by the Bank of Sierra Leone, these guidelines comprehensively regulate current and capital account foreign exchange transactions to promote convertibility and streamline cross-border payments. Commercial banks, acting as authorized dealers, are empowered to process most current account transfers and invisible payments without prior central bank approval, while exporters must repatriate commercial goods proceeds within ninety days. The framework also permits unrestricted profit and investment capital repatriation for non-residents, establishes operational rules for foreign exchange bureaux, and mandates that all official development aid flows through authorized dealers.
Share